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Local News
Forex Challenges Close Another Business
The ongoing foreign exchange shortage has led to the downsizing of clothing store chain K Squared Fashions. In a notice posted to the company’s social media pages, the business announced that on January 31, it will be closing its Aboutique and Gulf City Mall branches as a result of scarce foreign exchange.
CWU Considering Appeal Over TSTT’s $5M Payout Order
The Telecommunications Services of Trinidad and Tobago (TSTT) has been ordered by the Industrial Court to pay more than $5 million in compensation to 503 workers who were retrenched in 2018. Among the retrenched workers was Clyde Elder, former secretary-general of the Communications Workers’ Union (CWU).
Trump’s Energy Plan Could Impact T&T Exports
Prime Minister Dr Keith Rowley focused on representatives from the United States Democratic party who are now ‘unplugged from power’, says former energy minister Kevin Ramnarine. The Express spoke to Ramnarine yesterday about President Donald Trump’s move to declare a national energy emergency aimed at boosting US oil and gas production, and lowering costs for US consumers.
Worry Over SoE Fallout: ‘Foreign Investment May Be Affected’
Last week, the state of emergency (SoE) was extended for three months following its declaration on December 31, 2024. While the crime-fighting aspect is understood, strategic security consultant Garvin Heerah believes one of the glaring economic consequences is the loss of business and investment opportunities.
Gopee-Scoon Leads Trade Mission To Dominica
Minister of Trade Paula Gopee- Scoon is leading Trinidad and Tobago’s trade mission to Dominica. The mission was scheduled to arrive yesterday and will be in Dominica until January 22. Organised by the Trinidad and Tobago Manufacturers’ Association (TTMA) and supported by the ministry, the trade mission aims to create business opportunities for Trinidad and Tobago exporters to conduct business with buyers from Dominica, the ministry said in a media release.
Lange Expands Track Services In T&T
While the unavailability of sufficient US dollars is hindering the growth of many businesses, forex earner Lange Trinidad Ltd has once again expanded its Track Batteries brand with the addition of its QuickService Centre in San Fernando. The $750,000 project included the expansion of the Track showroom at Lady Hailes Avenue, providing customers with a comfortable space to relax and shop while awaiting services.
Chamber: Reassure Visitors T&T Safe
With the Carnival season and increased cruise ship arrivals on the horizon, the T&T Chamber of Commerce says it is critical to address any potential concerns stemming from the State of Emergency (SoE) regarding the safety and security of visitors.
‘Too Soon’ To Assess Local Impact
BPTT says it is ‘too soon’ to determine exactly how the 4,700 job cuts to its global workforce, announced this morning, will impact its operations in this country. BP, the UK-based energy giant, yesterday announced it would be cutting 4,700 jobs worldwide, along with an additional 3,000 contractor roles, as part of a cost-saving initiative.
Delays To VAT Refunds Until Jan 31
A drop in the revenue expected from the energy sector hindered the Government’s ability to pay Value Added Tax (VAT) refunds owed to Small and Medium- Sized Enterprises, Finance Minister Colm Imbert has said. As a result, Imbert said the VAT refunds, which were expected to be paid before the end of 2024, will now be paid by the end of this month.
Regional News
Guyana Government Explains New Tax Measures
Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr Ashni K Singh says since presenting the Guy$1.38 trillion (one Guyana dollar=US$0.004 cents) national budget to Parliament last Friday, he has received ‘several requests’ seeking further explanation regarding the personal income tax measures.
PM Calls On Players In Commerce To Be Fair In Pricing During Crises
Prime Minister Andrew Holness is urging supermarket operators to practise fair pricing, particularly during times of crisis. Holness said producers, including those in the poultry industry, have a moral duty to ensure that the entire country can survive during such periods, not just their special interests.
Guyana Maintains One Of The Lowest Debt-To-GDP Ratios In The World
Owing to prudent management by the People’s Progressive Party/Civic (PPP/C) Government, the total Public and Publicly Guaranteed (PPG) debt-to-GDP ratio has reduced from 47.4 per cent at the end of 2020 to 24.3 per cent at the end of 2024.
IMF: Tourism Rebound Boosts Bahamian Recovery
The International Monetary Fund (IMF) says the Bahamian economy has staged a remarkable recovery since the Covid-19 pandemic, fuelled by a strong rebound in tourism.
Bermuda: Police, Banks Unite Against Fraudsters
The Bermuda Bankers Association (BBA) says it has formed an alliance with the Bermuda Police Service (BPS) to deal with an increase in the number of banks’ accounts being targeted by fraudsters.
Guyana: $104.6B For Agri’ Sector
The government has earmarked a record $104.6 billion for the agricultural sector in its latest national budget, with a clear focus on building confidence among farmers and industry stakeholders. Examining this massive allocation, Agriculture Minister Zulfikar Mustapha on Sunday said the funding reflects a commitment to transforming the sector through innovative programmes, particularly aimed at engaging more youths and women.
Guyana: ‘Budget 2025 Sticks With PPP’s Promises To The People’
Today’s budget will focus on addressing the needs of the people, while continuing to forge a prosperous path for all, People’s Progressive Party (PPP) General Secretary Bharrat Jagdeo has said. During a news conference at Freedom House on Thursday, the General Secretary addressed the criticisms by the opposition and government critics on Budget 2025, which has not even been presented as yet.
B’Dos: Central Bank Statement On Acceptance Of US$1 Notes
The Central Bank of Barbados has acknowledged public concerns regarding some businesses refusing to accept US$1 notes. While the Bank understands the frustration this may cause, it clarifies that, by law, the acceptance of foreign currency by the public falls outside its jurisdiction. Therefore, it cannot intervene in matters concerning local businesses’ non-acceptance of US$1 notes.
Jamaica’s 2024 Inflation Hits Six-Year Low
Jamaica’s inflation rate dropped to 5 per cent in 2024, the lowest annual reading since 2018, when it stood at 2.4 per cent, according to a report published Wednesday by the Statistical Institute of Jamaica (Statin).
International News
Chevron Interested In Greek Hydrocarbon Exploration, Says Energy Ministry
U.S. oil producer Chevron has expressed interest in exploring for hydrocarbons southwest of the Peloponnese peninsula in Greece, the Greek energy ministry said on Monday.
Top IKEA Retailer Warns In Davos That Tariffs Could Drive Prices Higher
For budget furniture retailer IKEA, the fewer trade tariffs there are, the better, CEO of Ingka Group, the biggest global IKEA franchisee, told Reuters on Monday as businesses braced for higher possible U.S. tariffs under President Donald Trump.
Stocks And Bitcoin Gain Before Trump Takes Office
US equity futures traded in a narrow range while the dollar (DX=F) weakened ahead of Donald Trump’s inauguration. Bitcoin (BTC-USD) soared to a record.
Shipping Giant Maersk Cautious About Quick Return To Red Sea
Container giant A.P. Moller-Maersk A/S expressed caution about any fast return to shipping through the Red Sea, after the Yemen-based Houthis signaled a pause in their attacks on commercial vessels.
Dutch Government Excludes Most ASML Sales To China From ‘Dual Use’ Export Data
The Dutch government excludes billions of euros of sales by technology company ASML (ASML) to China from disclosures on sensitive goods exports, it has told Reuters, following a policy decision that has not been previously reported.
Schlumberger: Q4 Earnings Snapshot
Schlumberger NV (SLB) on Friday reported fourth-quarter profit of $1.1 billion. On a per-share basis, the The Hague, Netherlands-based company said it had net income of 77 cents. Earnings, adjusted for one-time gains and costs, were 92 cents per share.
US Stocks Set To Gain As Fed Rate-Cut Bets Revive
US stocks were set to rise on Friday as the revival of Federal Reserve policy-easing bets pushed Treasury yields lower.
BofA Profit Jumps On Investment Banking, Trading Boost
Bank of America BAC.N reported higher profit on Thursday as its investment bankers capitalized on resurgence in dealmaking in the fourth quarter while the lender predicted it would earn more interest income in 2025.
Taiwanese Chipmaker TSMC Posts 57% Surge In Profit
Taiwan computer chip maker TSMC reported Thursday that its profit in the last quarter rose 57%, buoyed by the artificial intelligence boom. The world’s biggest semiconductor manufacturer reported a net profit of 374.7 billion new Taiwan dollars ($11.4 billion), higher than expected.
Reports
Earnings News – December 2024
Offshore Series Factsheets – December 2024
Pelagic Series Factsheets – December 2024
Is Your Business Healthy?
With the turn of the calendar comes important personal health checks — the kind of things you do annually to make sure you’re staying on top of your well-being. It may be tempting to avoid these checkups. I mean, “If it ain’t broke, don’t fix it,” right? Yet, we don’t always know we’re “broken” until we look more closely. And we can’t get healthier if we don’t get checkups, set goals and work toward them.
7 Things You Need To Consider Before Expanding Your Business
For any successful business, deciding when to start scaling is the most challenging time. Just as time cannot stand still, businesses must also keep moving, which means expanding when they are doing well. Put simply, a competitor will step in to fill the gap.
Legs Tingling After Exercise?
The tingle of your pre-workout kicking in is one thing, but feeling a tingling in your legs after a workout is another. It might seem concerning, but it’s not always a cause for alarm. As blood flow increases to your body during exercise, your muscles enlarge to accommodate it. Although this helps power you through the task at hand, those swollen muscles can impinge on nerves and veins, causing tingling in your legs after running or another form of exercise.
How Small Businesses Can Leverage AI Without Breaking The Bank
Artificial intelligence (AI) is no longer an exclusive tool for large corporations; small businesses can now harness its power to enhance operations, improve customer experiences and drive growth without significant financial investment.
7 Things You Need To Consider Before Expanding Your Business
For any successful business, deciding when to start scaling is the most challenging time. Just as time cannot stand still, businesses must also keep moving, which means expanding when they are doing well. Put simply, a competitor will step in to fill the gap.
4 Lessons I Gained From Mentorship That Elevated My Startup Journey
When I first started my business, the word ‘mentor’ felt abstract to me. I thought successful entrepreneurs inspire us with their stories and achieve everything through their knowledge, determination — and maybe a bit of luck. But the real experience turned out to be way more complex. Behind every great success is someone who helped guide the way, asked the right questions and pointed them in the right direction.